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The Digital Pound Foundation, a nonprofit focused on the development and implementation of the digital pound in the United Kingdom, has announced the addition of Ripple partner Modulr to its membership community.
We are pleased to announce the addition of @ModulrFinance to the Digital Pound Foundation’s membership community, further strengthening our ability to advocate for the societal benefits that arise from a variety of new forms of digital money 👉 https://t.co/T0YTsPK6un pic.twitter.com/vezNMMjGHV
— Digital Pound Foundation (@digitalpoundfdn) October 11, 2022
The payments platform Modulr will join the Payments and Use Cases Working Groups of the Digital Pound Foundation, taking the lead in both groups and advancing the foundation's mission and thought leadership in these two crucial areas.
In February of this year, Modulr announced its partnership with Ripple to enable payments in the UK and Europe. The two top fintechs joined forces in a partnership that they believe would make it simpler for companies to conduct international real-time payments enabled by Ripple's financial technology, RippleNet. Modulr is also one of the few nonbanks directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.
Last year, Ripple joined the Digital Pound Foundation as a founding member in its drive to engage central banks globally on technical and policy issues related to central bank digital currencies (CBDCs).
This comes as a recent analysis indicated that over 80% of central banks were actively exploring some form of sovereign-backed cryptocurrency — including CBDCs. Last year also, Ripple announced a partnership with Bhutan's central bank, the Royal Monetary Authority (RMA), to test retail, cross-border and wholesale payment use cases for a digital Ngultrum using its CBDC solution.
In positive news, District Judge Analisa Torres has granted the requests of private jet start-up TapJets and Ripple partner I-Remit for permission to submit amicus curiae briefs in the ongoing lawsuit. The development comes after the judge carefully examined the petitions from third parties to submit amicus briefs along with the parties' responses.
The businesses stated that their interest in the case stems from their use of Ripple solutions, which might imply that the lawsuit's verdict could affect how they conduct business.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin